Oil giant Petrobras’ oil output in Brazil was down 8.2% year-on-year in the third quarter, to 2.13 million barrels per day (bpd), the state-controlled company said.

Petrobras also posted a 6.5% decrease in total production in the period, to 2.69 millionbarrels of oil equivalent per day (boepd).

Output from the firm’s pre-salt fields, an oil-rich offshore region off the country’s southeastern Atlantic coast, fell 2.7%, adding up to a decrease in production on Petrobras’ other fields.

According to Oil giant, total sales in the period were down 3.2% year-on-year, to 2.97 million bpd, while exports fell 2.3%, to 804,000 bpd.

Meanwhile, 41% of the company’s oil exports went to China, marginally up from 40% a year earlier, but down from 50% in the second quarter of 2024.

Europe accounted for 32% of Petrobras’ exports in the third quarter, stable from a year earlier. Latin America decreased its share from 13% to 7% in the period.
Source: Reuters (Reporting by Luana Maria Benedito and Marta Nogueira; Editing by Aida Pelaez-Fernandez)